Trump bank accounts were closed due to concerns over possible money laundering, Capital One says
NEW YORK (AP) — Bank accounts held by President Donald Trump were closed by Capital One in 2021 after it flagged financial activity that had characteristics of money laundering, the bank disclosed in a court filing over the…
President Donald Trump's bank accounts were closed by Capital One in 2021 due to potential money laundering concerns, according to the bank's court filing over the weekend. The decision by Capital One followed months of analysis and a thorough review by their Anti-Money Laundering (AML) team, adhering to bank policies and regulatory guidance.
Trump contends that his accounts were shut down politically, following the Jan. 6 Capitol attack. Capital One opposes the lawsuit, arguing that the closures were due to their standard procedures.
Trump has initiated legal action against both Capital One and JPMorgan Chase, alleging they debanked him post his departure from office in 2021. Debanking refers to banks closing customer accounts due to perceived financial, legal, or reputational risks. Both banks have denied the allegations of politically motivated closures. Trump's lawsuit against JPMorgan Chase seeks $5 billion in damages.
The bank maintains that it does not close accounts for political reasons but does so based on "legal or regulatory risk." In July, Trump's legal team filed an amended lawsuit claiming the bank debanked him for political reasons, but the bank dismissed these claims as baseless, stating they were based on "cherry-picked quotations."
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